Who Says Baltimore, Maryland Condos are Only For the Old Folks?

By
Real Estate Broker/Owner with HomeRome Realty 410-530-2400 311291
https://activerain.com/droplet/4dyB

Mature coupleOlder woman with walker and dogWho says that condominiums in Baltimore, Maryland have to be for the elderly or more mature, retired buyers? Sure, many are moving out of a big house and looking forward to not having to worry about maintenance and enjoying the luxury of a full service building. Who doesn't like a doorman to help with your packages, a 24-hour receptionist to greet you, to take your mail, your messages, your dry cleaning? It's kind of like hotel living.

Well it hit me when I was showing my Park Towers West to a young mother with a beautiful six-month-old baby boy. Oh, it was hard for me to stay focused on showing the condo when there was this perfect young baby who I could make smile and coo. You know me, the former Pediatric nurse.

Anyway, the prospective buyer asked if there were any young people living in the building. My first thought (not expressed) well of course not! Aren’t condos just for ole folks? But I would not give that kind of answer instead we stopped at the receptionist desk and asked. To my surprise, we learned there is a 3-year-old and a 10-year-old living in the building, not in the same family. 

Young family Young family birthdayYoung people in a condo, there’s a novel idea in Baltimore. Yeah, yeah, I know in New York and other big cities there are lots and lots of kids who grow up in a high-rise buildings - there is no choice. It's not common here in Baltimore, though. But it got me thinking. With so many condominiums on the market with fantastically low prices, here is an opportunity for singles, young married couples, roommates, and college students to get into the housing market.

 I also noticed that the ramps were perfect for strollers, and bikes not just wheelchairs and walkers.

I have one that is below $57,000 and is fully furnished (Clarks Lane). I have three under contract under $80,000 (Strathmore) including  that lovely lady's  the perfect gift,  another is listed under $95,000 fully furnished (Tarragon in Reisterstown), another under $105,000 (Park Towers East), as well as a couple of Co-ops at 11 Slade. (Not sure what the difference is between a condo and a co-op? Just ask.)

But what about the high condo fees of $600, $700 a month or even more? Because those fees in many cases include the utilities, it is still more affordable than almost any single family home, and most of us believe renting is a waste! If this trend catches on, the prices will go back up and in a few years the buyers will have equity for their next home.

Young family babyI see this as a new way to market all of my special properties. And, as these new buyers decide to move up, they might want to go to Annen Woods, or Rockland Hills Drive, or my latest listing at 8008 Derby Lane, an all brick Coach House, or down to Baltimore’s harbor area and Fells Point's Henderson Wharf or my Lancaster Penthouse.

And yet another 7 Slade Ave #419 Pikesville, MD 21208 Baltimore County Condo For Sale

 

So I am proposing to start a new trend. Let’s market to the younger generation, to students and first time buyers. This is a good investment for parents of law, medical and college students.  Let’s think outside the box.

 Get into the market for under $100,000 and figure in your condo payments. Then live like you are on vacation, in a hotel, with all the amenities of a full service building. You can live in a condominium in Baltimore. Are you ready to set a new trend?

signature

 

 

www.HomeRome.com

410-530-2400

 

close

Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. D B 07/02/2009 10:25 PM
Topic:
ActiveRain Community
Location:
Maryland Baltimore City Baltimore
Groups:
The Art Of Marketing You
1st Time Buyers
Posts to Localism
Club Chaos
Condo Benefits
Tags:
condo
condominium
21209
coop
cooperative
21208
21215
room mates
baltimore condos
homes for students

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainer
78,179
Claire Record
Keller Williams Realty--Boerne Hill Country - Boerne, TX

The first home I bought after my divorce was a condo...  Still to this day...one of my favorite places to live.  Being a realtor at the time, it was the BEST choice for me in that I had little time for yard work.  Not only that...a condo community is just that...a community.  I was tight knit with all the residents and never had to worry about leaving on vacation.  Also, when I put my house on the market, I had it sold within two days thanks to one letter sent out to all my neighbors.  I ended up selling it to one of the resident's friends. 

Good post! 

Claire

Jul 03, 2009 03:55 AM #24
Rainer
74,375
Dan Magstadt
Paramount Residential Mortgage Group, Inc - Lake City, FL

Condo's are sometimes looked down on, but they're great for lots of different situations.

Have a great 4th!

Dan

Jul 03, 2009 04:08 AM #25
Rainmaker
235,818
SEO Expert: Michael George
Phoenix, AZ
Real Estate and Law Firm SEO

I have had many clients over the years buy condos for their kids in college.  At today's prices, it makes even more sense.  If your kids are going to be there for 4 - 6 years, it should be a serious consideration.

Great post Margaret.

Jul 03, 2009 04:25 AM #26
Ambassador
2,993,681
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

I see by all the comments that most of you are selling condos to younger people.

One of the areas in  the Upper Park Heights area of Baltimore has a larger number of condos that have been purchased many years ago by older residents..... the buildings are older, they have full service with 24 hour receptionists, doorman and the high condo fees plus the prices have always kept the younger buyers out. Most of these units do not have pools, tennis, exericise equipment and because of their age, have these higher fees. They are in a residential area, not in our famous Inner Harbor. They usually were purchased (for cash) when the family home was sold...and the prices were much higher. Now with the prices down, the condo fees remain the same or higher, young people can now afford this kind of living.

So many good comments by so many, I am hoping that this will be the next boom in our market!

Jul 03, 2009 05:23 AM #27
Rainmaker
597,961
Mitchell J Hall
Compass - Manhattan, NY
Lic Associate RE Broker - Manhattan & Brooklyn

Hi Margaret, While most people in NYC have always lived in apartment buildings condos were not always popular. When I started in real estate most buyers wanted the old pre-war coops. People thought condos were cheap new modern buildings. Condos really started taking off here in the 2000's because of all the amenities, views and lifestyle they offer. Many have children's playrooms. They are now in demand by buyers of all ages and are worth more than comparable coops.

Jul 03, 2009 06:16 AM #28
Rainmaker
885,951
Maureen Megowan
Remax Estate Properties - - Palos Verdes Estates, CA
Palos Verdes Real Estate Blog

What is frustrating is that I understand that FHA, FNMA loans charge an additional three quarters of a point in interest rate for condos now.  I can understand doing that if it does not meet certain lending criteria such as low reserves, etc. but to penalize this market like that is unreasonable.

Jul 03, 2009 07:28 AM #29
Ambassador
2,993,681
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Let's not forget to Call Mitchell Hall! I am hoping that the condo demand is picking up in our area.

Maureen, There have been some serious issues getting some condos approved for ANY of these loans. That would make another post.

Jul 03, 2009 09:03 AM #30
Rainer
86,590
Ron Parise
LocateHomes.com - Cape Coral, FL

A long time ago, in a land far far away Condos were for the newly wed, and the nearly dead.

I knew lots of young couples in the 1970's that got their start in the housing market in Baltimore area condos.

 

 

Jul 03, 2009 12:42 PM #31
Rainmaker
655,882
Bob & Carolin Benjamin
Benjamin Realty LLC - Gold Canyon, AZ
East Phoenix Arizona Homes

Condos work for all ages -- some younger people want condos as there is less maintenance to have to think about -- and they may be consumed with jobs and working.

Jul 03, 2009 01:10 PM #32
Ambassador
890,780
Lane Bailey
Century 21 Results Realty - Suwanee, GA
Realtor & Car Guy

Here in Atlanta I see a lot of young families and singles in condos... as well as older folks.  It is a very good option for many...  If it wasn't for the garage thing, I wouldn't mind the low-maintenance lifestyle. 

Jul 03, 2009 01:18 PM #33
Rainmaker
662,099
Patricia Aulson
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes

Right on!   Condos are of popularity to all ages I find for many reasons. Firstly the low-maintance lifestyle I find.

Have a great 4th of July!

Patricia Aulson

Jul 03, 2009 01:32 PM #34
Rainmaker
449,858
Vickie McCartney
Maverick Realty - Owensboro, KY
Broker, Real Estate Agent Owensboro KY

Hi Margaret~ There are not all that many condos here.  Now, I would love to live in one on the beach, but my husband would not.  Maybe when we  retire someday.....

Jul 03, 2009 02:11 PM #36
Ambassador
551,847
Julie Dumaine-Russell
RE/MAX Alliance - Branford, CT

Margaret - Here in Branford the price of a single family home is out of the range of a lot of first time homebuyers and young professionals.  However with more than 50 condo complexes many of them are very well suited and priced affordably to allow them entry into home ownership.

Jul 03, 2009 02:56 PM #37
Ambassador
627,922
Roland Woodworth
Q Realty - Clarksville, TN
Q Realty - Power In Real Estate

the decision for one to purchase a condo is on personal preference for people of all ages.

Jul 03, 2009 04:28 PM #38
Rainmaker
1,079,379
Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

Margaret, our condo sales are also to mainly young professionals - I remember one that was almost exclusively single female professionals. Older buildings do tend to attract an older clientele, though.

Sharon

Jul 03, 2009 04:34 PM #39
Ambassador
769,886
The Somers Team
The Somers Team at RE/MAX Access - Philadelphia, PA
Real People. Real Dreams. Real Estate.

Margaret - In Philly (close to Baltimore), we have so many condo buildings, and in some areas (Old City, Northern Liberties...) it is pretty much ALL young professional owning these condos and the elderly are the exception.  There are some buildings though in center city and the art museum where the demographics are more elderly.

Stephanie and I have lived in a condo for the last 6 years so hopefully we are not in the elderly demographic yet.  We are both early 40s : ) .  The lifestyle is super and low-maintenance.  And it is fantastic to just go outside your door and walk to 10 or 12 different restaurants : )

Jul 03, 2009 11:31 PM #40
Rainer
292,552
Diane Aurit
LKN Realty, LLC - Mooresville, NC
Lake Norman Real Estate

Margaret,  During my early days as a Realtor in Pasadena CA I experienced  two types of condo/townhouse buyers; finanically comfortable retirees who lived in the posh South Orange Grove area and students and young professionals living near the colleges.  Here in Lake Norman, we don't have many condos or townhouses but the ones we do are for the most part vacation homes for people of all ages.  In downtown Charlotte there are some stunning high-rise condos that are being built with a successful, younger professional buyer in mind.  It varies throughout the country but even within our communities!

Jul 04, 2009 01:43 AM #41
Ambassador
2,993,681
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Ron, Interesting way of looking at condo dwellers, nearly wed, nearly dead.

Bob and Carolin, My point, condos for all ages. In these older buildings in Upper Park Heights, they have not been bought by younger people.

Lane, Many of these condos have underground parking.

Patricia, Enjoy your 4th.

Erica, The receptionist at one of these condos thought only elderly could move in. Surprise, the new buyer is 18.

Vicky, Make mine a water view.

Roland, As long as they can afford the condo and the fees.

Sharon, Interesting how some buildings take on a personality.

Christopher, Nope you don't look elderly to me!

Diane, And here too. We have some expensive "posh" condos some magnificent downtown condos and some older buildings. There is a selection for all ages and price ranges.

Jul 04, 2009 02:24 AM #42
Ambassador
753,885
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Margaret,

Condos in Tucson are the most affordable homes on the market!  Congrats on the feature.

Mike in Tucson

Jul 05, 2009 04:55 PM #43
Ambassador
2,993,681
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Mike, Thank you.

 It sure seems like condos are an affordable alternative in many areas. Since the prices in some of these mid and high rises are now quite low, they are becoming the afordable choice in Baltimore

I am going to use this post in my print advertising this week.

Jul 05, 2009 10:14 PM #44
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Ambassador
2,993,681

Margaret Rome, Baltimore Maryland

Sell Your Home With Margaret Rome
Sell Your Home Margaret Rome 410.530.2400
*
*
*
*
Spam prevention